Monetary Transmission Mechanism
- “Monetary Policy and Financial Stability: Governance Design Considerations” prepared for the “The Review of the Reserve Bank of Australia”, March 2023.
- “Monetary Policy When the Central Bank Shapes Financial-Market Sentiment “(with Jeremy C. Stein), Journal of Economic Perspectives, 37(1), Winter 2023, pp. 53-72.
- “Some Benefits and Risks of a Hot Economy” (with Seth B. Carpenter, Ethan S. Harris, Peter Hooper, and Kenneth D. West) prepared for U.S. Monetary Policy Forum, Initiative on Global
Markets, University of Chicago Booth School of Business, 2022.
- "Monetary Policy in the Next Recession?" with Stephen G. Cecchetti, Michael E. Feroli, Catherine L. Mann, and Kermit Schoenholtz, September 2020, CEPR Discussion Paper 5638-1602077935.
- "Best Prices: Price Discrimination and Consumer Substitution" with Judith A. Chevalier, American Economic Journal: Economic Policy, 11 (1): 126-59, 2019.
- "The Tradeoffs in Leaning Against the Wind" with François Gourio and Jae Sim, IMF Economic Review, 2018, 66(1), pp. 70-115.
- "Market Tantrums and Monetary Policy," with Michael Feroli, Kermit L. Schoenholtz, and Hyun Song Shin, U.S. Monetary Policy Forum Report No.8, Initiative on Global Markets, University of Chicago Booth School of Business, February 2014.
- "Comments on 'The Ins and Outs of LASPs?'," forthcoming in the 2013 Federal Reserve Bank of Kansas City Symposium on the Global Dimensions of Unconventional Monetary Policy.
- "Optimal Conduct of Monetary Policy with Interest on Reserves," with Jeremy Stein. American Economic Journal: Macroeconomics, vol. 4(1), pp. 266-282 (January 2012).
- "Stability First: Reflections Inspired by Otmar Issing's Mandate as the ECB's Chief Economist" (with Vítor Gaspar), in Monetary Policy: A Journey from Theory to Practice (An ECB Colloquium in Honour of Otmar Issing 16-17 March 2006), European Central Bank, Frankfurt, 2006.
- "Monetary Transmission in the Euro Area: does the interest rate channel explain all?," with Ignazio Angeloni, Benoît Mojon, and Daniele Terlizzese, in Monetary Policy in the Euro-Area, edited by Ignazio Angeloni, Anil K Kashyap and Benoît Mojon, Cambridge University Press, 2003. A revised version of ECB working paper 114.
- "The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and the U.S.", with Ignazio Angeloni, Benoît Mojon, and Daniele Terlizzese, Journal of Money, Credit and Banking, 2003, 35(6), pp. 1265-1306. (Reprinted in Banking Market Structure and Monetary Policy, published by the Central Bank of Chile.)
- "Why Don't Prices Rise During Periods of Peak Demand? Evidence from Scanner Data," with Judith A. Chevalier and Peter E. Rossi, American Economic Review, 2003, 93(1), pp. 15-37.
- "How Interest Sensitive is Investement? Very (When the Data are Well Measured)," with Luigi Guiso, Fabio Panetta, and Daniele Terlizzese, July 2002.
- "Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking," with Raghuram Rajan and Jeremy Stein, Journal of Finance, 2002, LVII(1), pp. 33-74. (2002 Brattle Prize Distinguished Paper.)
- "What Do A Million Observations on Banks Have To Say About the Monetary Transmission Mechanism?" with Jeremy Stein, American Economic Review, 2000, 90(3), pp. 407-428.
- "Will a Common European Monetary Policy Have Asymmetric Effects?" with Luigi Guiso, Fabio Panetta, and Daniele Terlizzese, Federal Reserve Bank of Chicago Economic Perspectives, Fourth Quarter 1999, pp. 56-75.
- "The Role of Banks in Monetary Policy: A Survey With Implications for the European Monetary Union," with Jeremy Stein, Federal Reserve Bank of Chicago Economic Perspectives, in September/October 1997, pp. 2-18.
- "The Impact of Monetary Policy on Bank Balance Sheets," with Jeremy Stein, Carnegie-Rochester Conference Series on Public Policy, 1995, vol. 42, pp. 151-195.
- "Credit Conditions and the Cyclical Behavior of Inventories," with Jeremy Stein and Owen Lamont, Quarterly Journal of Economics, 1994, vol. 109, pp. 565-592.
- "Monetary Policy and Bank Lending," with Jeremy Stein, in Monetary Policy, edited by N. Gregory Mankiw, University of Chicago Press, 1994, pp. 221-256.
- "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance," with Jeremy Stein and David Wilcox, American Economic Review, 1993, vol. 83(1), pp. 78-98.
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